The ETH key indicators show a sharp drop below $1K that might occur soon as the coin already dropped below the $1120 support zone so let’s have a closer look at our latest Ethereum news.
ETH is now at risk of another loss if it stays below the $1150 resistance as it remained below both these levels. There is a key bearish trendline forming near the $1100 on the hourly chart of the pair which can decline further if there is a clear move below the $1050 support zone. ETH key indicators show a sharp drop possible as the coin remained in the bearish zone.
The price settled below the $1000 support and tested the $1075 zone so a new low was formed near the $1076 and the price is now consolidating the losses and tradign well below the 100 hourly simple moving average. The immediate resistance on the upside is close to the $1100 level and there’s also a key bearish trend line forming near this resistnace of the hourly charts of the pair. The trend line is close to the 23.6% fib retracement level of the downward move from the $1235 swing high to the $1076 low. The next major resistnace is close to the $1150 zone and the retracement level of the Doward move from the $1235 high to $1076low is near the $1150.
ETH 24-hour Price Chart (Source: Coingecko)
Another close above this resistance can start a new steady increase and in the stated case, the price can clear the $1200 resistance and more gains could send the price to $1235 high. If ETH fails to rise above it, it can continue moving down with initial support on the downside being near $1075. if ETH fails to rise above this resistance and can continue to move down with initial support on the downside being near the $1075 zone. The next major support is close to the $1050 zone and a close below it could push the ETH price lower and might even decline to the $1000 level.
As reported earlier, there’s a connecting trend line in place with the support at $1130 on the hourly charts of the pair which could decline further if it doesn’t move above the $1120 support zone. Ethereum remained in a bearish zone below the $1250 resistance and then started a fresh decline and traded below the key $1200 support zone.
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